How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
The perfect example of Darwinism is what technology has done to businesses.
Interpretation
What this quote means
Technology reshapes businesses much like natural selection shapes species.
In this quote, Charlie Munger draws a parallel between Darwinian evolution and the impact of technology on businesses. Just as natural selection favors adaptable species leading to their survival, technological advancements create competitive pressures that force businesses to innovate and evolve to thrive or risk extinction in the marketplace.
Themes
TechnologyBusinessDarwinismEvolutionInnovation
In practice
Example use cases
In a business seminar discussing the impact of technology on market competition, this quote would emphasize the necessity for companies to adapt.
More from Charlie Munger
All quotes →The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
Charlie MungerRead
I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
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Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.
Charlie MungerRead
Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading.
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Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.
Charlie MungerRead
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